Dubai government launches Blockchain business record

The Arab city-state government is turning to technology to pave the way for foreign investment and business

Source: Arabian Business

In an announcement last Tuesday (01/05), the Dubai Department of Economic Development (DED) presented a joint blockchain effort along with the Dubai Silicon Oasis Authority, called “Dubai Blockchain Business Registry”. The project, developed in collaboration with Smart Dubai’s office and a noted long-time technology partner and blockchain developer from IBM, will “improve the ease of doing business in Dubai and facilitate foreign direct investment”, the government’s media office said.

The project aims to streamline the process of creating and operating a company in Dubai, to allow efficient digital negotiation of licenses and documents covering all facets of the company. The project also ensures regulatory compliance of the company with Dubai rules.

The record will feature its first pilot at the Dubai Silicon Oasis (DSO), an integrated 4-mile zone technology-backed government-sponsored technology park to enable sharing of license information on the blockchain. As previously reported, Dubai has already developed a blockchain platform that will record the entire city-state real estate register by the year 2020.

“Having 100% of all applicable Dubai government transactions at Blockchain is the first pillar of the Dubai Blockchain Strategy, and continued collaboration with government and private sector entities is crucial to our success,” said the managing director of Smart Dubai, Dr. Aisha Bin Blshr.